Anthony Colucci Sells 8,137 Shares of Alta Equipment Group (NYSE:ALTG) Stock

Alta Equipment Group Inc. (NYSE:ALTG) CFO Anthony Colucci sold 8,137 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $7.05, for a total transaction of $57,365.85. Following the completion of the sale, the chief financial officer directly owned 240,750 shares of the company’s stock, valued at $1,697,287.50. This represents a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Alta Equipment Group Stock Down 2.6%

Shares of NYSE:ALTG opened at $7.10 on Thursday. The stock has a market capitalization of $228.90 million, a P/E ratio of -2.77 and a beta of 1.54. The stock’s 50-day moving average price is $6.33 and its 200-day moving average price is $6.31. The company has a current ratio of 1.43, a quick ratio of 0.48 and a debt-to-equity ratio of 257.10. Alta Equipment Group Inc. has a 12-month low of $3.54 and a 12-month high of $8.99.

Alta Equipment Group (NYSE:ALTG) last issued its earnings results on Thursday, February 26th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.10). Alta Equipment Group had a negative net margin of 4.37% and a negative return on equity of 341.70%. The company had revenue of $509.10 million for the quarter, compared to analysts’ expectations of $489.56 million. On average, equities analysts anticipate that Alta Equipment Group Inc. will post -1.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALTG has been the topic of several analyst reports. Zacks Research raised shares of Alta Equipment Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Alta Equipment Group in a report on Monday, December 29th. Wall Street Zen raised shares of Alta Equipment Group from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, DA Davidson dropped their target price on shares of Alta Equipment Group from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its position in shares of Alta Equipment Group by 55.1% during the fourth quarter. Royal Bank of Canada now owns 6,153 shares of the company’s stock valued at $28,000 after buying an additional 2,186 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Alta Equipment Group by 221.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,100 shares of the company’s stock worth $28,000 after acquiring an additional 4,200 shares in the last quarter. Quarry LP lifted its stake in shares of Alta Equipment Group by 150.9% in the 4th quarter. Quarry LP now owns 6,676 shares of the company’s stock valued at $31,000 after purchasing an additional 4,015 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Alta Equipment Group in the 2nd quarter valued at approximately $35,000. Finally, Inscription Capital LLC bought a new stake in shares of Alta Equipment Group during the fourth quarter valued at approximately $56,000. 73.58% of the stock is owned by hedge funds and other institutional investors.

About Alta Equipment Group

Alta Equipment Group, Inc (NYSE: ALTG) is a North American distributor of material handling and logistics equipment. The company offers a broad lineup of forklifts, lift trucks, aerial work platforms, tow motors, pallet jacks and related attachments, serving manufacturing, warehousing, distribution and industrial facilities. Through its network of branch locations, Alta Equipment provides customers with new and used sales, short- and long-term rentals, and integrated fleet management solutions designed to support operational efficiency.

In addition to equipment sales, Alta Equipment supports customers with comprehensive after-sales services.